Divorcing Couples Under More Pressure with Higher Housing Costs and Tough Choices to Make

Divorce is a difficult and emotionally challenging process, and one of the many hurdles that divorcing couples face is finding new accommodations. However, with higher housing costs and a housing shortage, this task has become even more complicated and stressful for many individuals. Real estate and family law professionals are witnessing the impact that skyrocketing housing prices and limited options are having on divorcing parties, especially those with families.

The Cost of Housing

A major concern for divorcing individuals is the high cost of housing, both in terms of renting and buying. In areas north and west of Toronto, such as Brampton, Caledon, and Orangeville, the cost of renting a townhouse suitable for a single parent and their children can be as high as $3,000 a month. On the other hand, buying a property in these areas frequently exceeds $1 million. These hefty price tags can be overwhelming for single individuals to handle on their own.

As a result, many divorced individuals are being forced to explore alternative options such as moving in with family or friends or even cohabitating with their soon-to-be ex-spouse while they figure things out. This adds to the already stressful process of dealing with the dissolution of a marriage.

One real estate sales representative, who specializes in working with divorced clients in Toronto, shared her own experience of living with her former spouse for two years during their separation. She emphasized that finding new accommodations under duress is extremely challenging.

Implications for Families

The high cost of housing has significant implications for divorcing parties with families, as affordability plays a crucial role in determining where individuals can and cannot live. This often leaves parents facing difficult choices, such as living far away from their desired location or support network.

For soon-to-be-single parents in Toronto, where rents are high and housing prices are through the roof, limited options may force them to relocate elsewhere in search of more affordable housing. Unfortunately, this can result in the parent who cannot afford to live locally having limited time with their children, as long distances make frequent visits challenging.

The economic strain caused by housing costs can create additional conflict during the divorce process. Lifestyle changes, particularly those related to housing, become an additional source of tension and disagreement between divorcing couples.

Rising Interest Rates

Another factor exacerbating the housing crisis for divorcing individuals is the rising interest rates. Higher interest rates make it more expensive for people to purchase new accommodations or buy out their soon-to-be-ex’s share in a property. In the past, lower interest rates made it easier for one party to buy out the other and for both parties to find new places to live. However, with the current economic conditions, couples are often forced to stay in the same house due to the impossibility of affording separate accommodations.

Furthermore, the higher interest rates also make it more expensive for people to renew their mortgages. This means that even those who can currently afford their monthly obligations may struggle to meet them in the future.

Related Facts:

• Housing costs in areas north and west of Toronto can exceed $1 million for purchasing a property.
• Renting a townhouse suitable for a single parent and their children in these areas can cost up to $3,000 per month.
• Divorcing couples are having to consider alternative living arrangements, such as staying with family or friends, due to the high cost of housing.
• Limited housing options can result in divorcing parents living far away from their desired location or support network.
• Rising interest rates make it more difficult for divorcing individuals to purchase new accommodations or buy out their ex-spouse’s share in a property.
• Higher interest rates also make it more expensive for people to renew their mortgages, potentially causing financial strain in the future.

Key Takeaway:

Divorcing couples are facing increased pressure and tough choices due to higher housing costs. The exorbitant prices for both buying and renting properties make it challenging for individuals to find suitable accommodations on their own. Limited housing options can lead to unwanted lifestyle changes, such as living far away from family and support networks. Additionally, rising interest rates are making it more expensive for divorcing individuals to secure new housing or buy out their ex-spouse’s share in a property.

Conclusion:

The combination of higher housing costs and a housing shortage is placing divorcing couples under significant stress. Finding affordable housing options is increasingly difficult, forcing individuals to make tough choices and explore alternative living arrangements. The impact of the housing crisis extends beyond financial implications, as it also affects the amount of time divorced parents can spend with their children. The rising interest rates further exacerbate the situation, making it more challenging for divorcing individuals to secure new accommodations or buy out their ex-spouse’s share in a property. These challenges highlight the need for greater support and resources for divorcing couples during this already tumultuous time.